Stambul, a family-owned and operated, full-service boutique construction and development firm, has completed the purchase of the historic Walgreens building in Downtown Miami for $19.75 million. Located at 200 East Flagler St., the building was owned by the Alonso family and is previously home to La Epoca Department Store. Stambul plans to redevelop the approximately 50,000 SF building into a multi-level entertainment complex, which will serve as a catalyst for Downtown Miami’s resurgence including high-end retail, dining and entertainment. The five-story, Art Deco-style building was first built in 1936 and at the time was the third Walgreens outside of Chicago and the first in Florida. The storied building boasts over 80 years of history that includes secret dealings by Al Capone. The restoration of the building will be completed by Stambul’s in-house general construction team and is scheduled to begin in the last quarter of 2018.
“We are meticulously and thoughtfully curating and overseeing vendors, spaces and activities that will integrate to provide an organic experience,” said Stambul’s Principal Daniel Peña Giraldi. “Stambul wants to be a key player in the rebirth of Downtown Miami and its evolution into a culinary and entertainment destination for locals and tourists.”
This is Stambul’s third adaptive-reuse project in Downtown Miami. The firm also spearheaded the restoration of the historic Miami National Bank into The Langford Hotel, now Eurostars Langford, and is working on the restoration of the Old United States Post Office and Courthouse that will include Biscayne Brewing among other food and beverage outposts.
“We’ve always understood Downtown Miami’s potential and we’re excited to be deeply rooted in its rebirth,” said Stambul’s Principal Luis E. Rojas. “We’re quickly working on giving the historic Walgreens building a new life and elevating Flagler Street to its prime days.”
"This property has played an important role in the evolution of Downtown Miami and it is incredible that Daniel, who appreciates and embraces the history of Downtown Miami, is the buyer,” said Mika Mattingly, who leads Colliers International South Florida’s Urban Core Division. Mattingly and Colliers’ Gerard Yetming marketed the property on behalf of the seller, Habitat Development Corporation. “Over the last few years, institutional buyers and private equity have invested close to $3 billion in a 6-block radius in downtown Miami. Downtown is on the verge of a complete transformation, and Daniel’s acquisition of La Epoca will speed up the change."